Sunday, July 28, 2019
Strategic Purpose and Industry Analysis in Tesco Company Essay
Strategic Purpose and Industry Analysis in Tesco Company - Essay Example After the recession of 2008, the revenue of this industry grew every year. This industry of UK helped many small and big retailers to solve their problems. One of the big players of UK supermarket industry is Tesco. It is a multinational company having it's headquartered in Cheshunt of UK. In1919 Tesco was founded by Jack Cohen. It opened its first store in 1929 and from that time the firm expanded its business rapidly. In the UK Tesco has 28% of market share in the supermarket industry. Tesco is experiencing success for a long time. The company has a strong focus on its business and strategies. The vision of the company is to remain constant but changing its business practices and strategies according to the changing world. The firm has major seven types of business strategies which help it to achieve its success. Its vision includes becoming the most valuable business by serving customers and communities with the help of committed and loyal staff and shareholders (Tesco Inc, 2014). It vision also describes that Tesco wants to expand all around the world by using all the opportunities. It believes in the innovation of modern ideas. The mission of Tesco is to become a full formed maintenance company from AMSS Company. The firmÃ¢â¬â¢s mission aims to be a wide ranged company providing tubular service. It has a mission of selling mechanized product along with different other products. The values of Tesco contribute a lot to its success and to hold its position in the competitive market. Its business value is to look after the benefit of the customers and treat every one of them equally. The companyÃ¢â¬â¢s value is involved in every level of its business. Its values let the employees of Tesco know what type of business the company is into and helps its customers to build their expectations.Ã The strategies of Tesco help in utilizing the resources of the company and achieving its goal. Its short termÃ and long term growth are based on the companyÃ¢â¬â¢s strategies (IBISWorld, 2014). TescoÃ¢â¬â¢s strategy involves in building the company as a highly valued brand. For this propose the company develops its own label brands.